Nclt: NCLAT sets aside NCLT order on Zee-Sony


MUMBAI: The National Company Law Appellate Tribunal (NCLAT) overturned the NCLT-Mumbai order directing exchanges to reevaluate their approvals granted for the merger Zee Entertainment Enterprises with Culver Max Entertainment (formerly known as Sony Pictures Networks India).
Without addressing the merits of the matter, NCLAT on Friday overturned the order issued by NCLT-Mumbai on the grounds that it violated the principles of natural justice. It referred the matter back to that NCLTfor it to consider the same after listening to Zee’s argument.
Coincidentally, the BSE and NSE brought Sebi’s show-cause notice to the court’s attention when the Zee-Sony merger proceedings at NCLT-Mumbai were underway Shirpur Gold Refinery, part of the Essel Group (which is also a Zee promoter), for diverting funds and breaching regulatory requirements. The exchanges also submitted Sebi’s decision of April 25, 2023 to the arbitral tribunal shirtpur That banned certain people, including former chairman Amit Goenka, the younger son of Essel Group CEO Subhash Chandra Goenka, from selling or disposing of their shares.
The two stock exchanges had already submitted their clearance certificates for the merger.

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